Yellen’s comments today are completely incorrect and purposefully misleading

I wrote about Lagarde’s comments here, but Yellen is basically parroting the same thing she said. Both are completely ignoring the scale of money laundering that exists in the current financial system:Banks were fined $14 billion in 2020 for money laundering violations + personal data leaksA congressional investigation into the 2016 U.S. presidential election has unearthed evidence that major banks processed $2 trillion in transactions despite suspecting they were connected to illegal activityUS Banks have been known to launder money for drug cartelsIn the 10 years following the financial crisis, banks paid a staggering $243 billion in fines, mostly for misleading investors about the quality of assets they were buyingBitcoin is being accumulated heavily by institutions and retail customers through Grayscale, cashapp and PayPal and these don’t fit the definition of illicit money launderers. I would say at least 90% of Bitcoin transactions are not illegal in nature.

Submitted January 21, 2021 at 03:45AM